FxWirePro: BTC/EUR takes support at double top neckline without supportive signal from leading and lagging indicators – Good to snap deceptive rallies for shorts

BTCEUR forms double top with top 1 at 9550, top 2 at 9488.80 and neckline at 7583.61, bulls test support at the neckline but leading & lagging indicators due to confirm momentum and trend.

The minor trend of BTCEUR had been oscillating so far in a tight range of 9550 and 7547 levels.

In the recent past, bulls have managed to test the support at neckline, this seems to be prolonging the above-stated tight range.

Both leading (RSI & stochastic curves) and lagging indicators (7&21EMAs and MACD) have been indicating that the strength and downtrend continuation.

The current price restrained below SMAs despite the upswings, and bulls struggle for the momentum.

RSI on the 4H chart shows downward convergence to signal the weakness in this pair. Same has been the case with stochastic curves.

While MACD and SMAs are showing bearish crossovers to signal the bearish trend to prolong further.

Hence, contemplating short-term downtrend that likely to prevail, we advocate selling BTCEUR for near-term targets upto 7583 levels.

When the tide and wind are moving in opposite directions, the sea is rough and sailing is hard work. The wind is in the euro’s sails, pushing it higher as the economy grows, the ECB edges away from post-GFC policies and the currency’s undervaluation support it on the other hand.

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